This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 April 2014, amend the Financial Advisers (Definitions, Voluntary Authorisation, Prescribed Entities, and Exemptions) Regulations 2011.
These regulations amend the definition of bank notice product (a category 2 product). The amendment removes from the definition the requirement that the rate of interest or any other benefit provided does not alter as a result of a demand for repayment by the security holder.
These regulations also make a minor amendment to the definition of cash or term portfolio investment entity in light of changes made by the Financial Markets Conduct Act 2013.
Date of notification in Gazette: 27 March 2014.
These regulations are administered by the Ministry of Business, Innovation, and Employment.